Global markets showed clear reactions today, with notable positive movements in European stocks, gold, and cryptocurrencies. These gains were driven by trade and geopolitical developments and anticipation of U.S. inflation data, which investors closely monitor for its direct impact on monetary policy trends.

European Stocks, Gold, and Digital Currencies Climb on Trade Tensions

Investors continue closely monitor the global economic landscape as trade tensions and international policy decisions affect market movements. Below are the key highlights from the report:

European stocks rose in early Wednesday trading as investors tracked corporate earnings results amid escalating trade tensions. U.S. President Donald Trump asked the European Union to impose tariffs of up to 100% on China and India for their oil purchases from Russia — a move aimed at increasing pressure on Moscow to end the war in Ukraine.

The “Stoxx Europe 600” index climbed 0.39% to 554 points, the German “DAX” rose 0.48% to 23,825 points, the U.K. “FTSE” increased 0.19% to 9,259 points, and France’s “CAC” advanced 0.35% to 7,776 points. Shares of “Inditex,” owner of “Zara,” surged 6.17% after reporting a 9% revenue increase in the five weeks ending September 8.

In precious metals markets, gold prices rose due to trade tensions, with December futures contracts gaining 0.1% to $3,685.4 per ounce, while spot prices advanced 0.56% to $3,646.35. Silver futures added 0.67% to $41.62; spot platinum climbed 1.18% to $1,390.91. ANZ Bank maintained its optimistic forecast for gold to reach $3,800 per ounce and silver $44.7 by year-end.

The cryptocurrency market also extended its gains, with Bitcoin rising 1.1% to $112,565.60, accounting for 57.5% of total market share. Ethereum gained 0.7% to $4,324.96, and Ripple increased 0.6% to $2.9728. Global market capitalization reached $3.91 trillion.

Data from El Salvador’s Bitcoin Office showed the country added 27 new coins last week, bringing its holdings to 6,315.18 BTC worth $711 million.

Later today, markets await the release of the U.S. Producer Price Index, followed by the Consumer Price Index tomorrow — both offering key signals on the Federal Reserve’s monetary policy direction ahead of its meeting next week.

These indicators highlight that financial markets are in a sensitive phase, directly influenced by global trade tensions and upcoming monetary policy decisions. Investors are on constant alert for new data that could shape trading activity in the near future.

 

The global economic landscape shows clear contrasts between major corporations’ performance and national economies. While technology companies are recording substantial gains fueled by demand for artificial intelligence (AI) technologies, U.S. employment data signals a notable slowdown, and China’s economy continues to face deflationary pressures.

TSMC Revenues Jump 34% in August on AI Chip Demand

Taiwan Semiconductor Manufacturing Company (TSMC) announced on Wednesday a sharp increase in its monthly sales. August revenues surged by 33.8% to NT$335.77 billion (equivalent to USD 11.09 billion) compared to the same period last year.

The company’s revenues for the January–August period rose to NT$2.43 trillion, an annual increase of 37.1%. August sales were also up 3.9% compared to July, indicating the company is on track to deliver strong third-quarter results in 2025.

This growth reflects TSMC’s continued benefit from robust global demand for AI-enabled chips, at a time when major U.S. tech companies are pouring massive investments into building data center infrastructure to support expansion in this sector.

U.S. Jobs Data Revision Reveals Greater Slowdown… Trump Pressures Fed to Cut Rates

JPMorgan CEO Jamie Dimon said Tuesday’s U.S. Labor Department data indicates a slow economic performance. The department’s revision showed that the number of jobs added during the 12 months ending in March 2025 was 911,000 fewer than initial estimates.

Dimon told CNBC that the economy is weakening but noted that it remains unclear whether it is heading toward a recession or a slowdown. He added that the revision essentially confirms what was already expected.

Meanwhile, U.S. President Donald Trump seized on the revised figures to pressure the Federal Reserve to accelerate interest rate cuts, posting on Truth Social with criticism aimed at the central bank’s leadership.

China’s Economy Records Further Deflation in Consumer and Producer Prices in August

Data released Wednesday morning by China’s National Bureau of Statistics showed continued deflation in consumer prices in August. The Consumer Price Index fell 0.4% year-on-year, compared to a 0.2% decline expectation. This reading was also lower than July’s flat 0.0%.

At the same time, the Producer Price Index continued its decline, falling 2.9% year-on-year in August, in line with forecasts. July’s reading had shown a sharper 3.6% drop.

These developments highlight a contradictory picture of the global economy: while technology companies are driving a boom supported by AI, major economies in the U.S. and China are under growing pressure from slowing growth and deflation, placing monetary and fiscal policies under tough tests in the period ahead.

Daily News Report – September 9

September 9 witnessed diverse and pivotal economic developments on the global stage—from strengthening monetary ties between Europe and China through the extension of a currency swap agreement until 2028, to a decline in Japanese stocks after a historic rally amid political turmoil, and a surprise move by Nvidia, which obtained limited licenses to sell its chips in China despite strict U.S. restrictions.

ECB and PBOC Extend Currency Swap Agreement Until 2028

The European Central Bank (ECB) and the People’s Bank of China (PBOC) announced their currency swap agreement extension between the euro and the yuan for an additional three years, expiring on October 8, 2028, while maintaining the same conditions.

• The arrangement’s maximum value is set at 350 billion yuan and 45 billion euros, allowing eurozone banks to access yuan liquidity when needed in case of currency market disruptions.
• The ECB confirmed that this step strengthens global financial stability and reflects the growing scale of trade and investment ties between China and the eurozone.
• The agreement was first signed in October 2013 and subsequently renewed in 2016, 2019, and 2022, before being extended again to 2028.

Japanese Stocks Close Lower After “Nikkei” Hits Record During Session

 

Japanese stocks ended Tuesday’s trading lower after the Nikkei index erased early gains that pushed it above 44,000 points for the first time in its history amid political uncertainty following Prime Minister Shigeru Ishiba’s resignation.

• The Nikkei closed down 0.42% at 43,459 points, while the broader Topix index fell 0.51% to 3,122 points, after finishing the previous session at a new record high.
• The decline came as investors awaited political developments in Japan after the prime minister’s surprise resignation.
• At the same time, the yen rose 0.31% against the U.S. dollar, reaching 147.04 yen per dollar.

Nvidia Secures Limited Licenses to Sell H20 Chips in China Despite U.S. Restrictions

Nvidia experienced a significant development in its dealings with the Chinese market after obtaining limited licenses that allowed it to continue operations despite U.S. restrictions. Key details include:

• According to media reports, the U.S. company secured limited licenses permitting it to sell some of its advanced H20 chips to several clients in China.
• This move is part of Nvidia’s efforts to maintain its presence in China—one of its largest overseas markets—despite strict U.S. export controls on advanced artificial intelligence technologies to Beijing.
• Sources indicated that the licenses do not completely lift U.S. restrictions but offer Nvidia a temporary opportunity to recover part of the sales lost since the ban began last year.
• High-performance chips like the H20 are central to the technological rivalry between the U.S. and China, making them direct targets of U.S. regulatory measures.
• Despite this partial breakthrough, geopolitical tensions remain challenging for the company, especially given its heavy reliance on the Chinese market. Rising U.S.-China friction could exacerbate this vulnerability.
• Analysts expect Nvidia to continue focusing on diversifying its markets and strengthening its presence in the U.S. and Europe as global demand for AI technologies grows.

Conclusion

The events of September 9 reflect a complex global landscape where political, economic, and technological factors intertwine: major powers are strengthening monetary cooperation to support financial stability, political shifts sway stock markets, and the technology sector remains an open battlefield between Washington and Beijing.

 

Daily News Report – September 8

September 8 witnessed a series of international economic developments that reflected contrasting trends across energy markets, trade, and macroeconomics. OPEC+ announced a new production adjustment that will begin in October. Chinese exports to the United States recorded a sharp decline despite a trade truce, and Japan’s economy showed stronger-than-expected performance in the second quarter.

OPEC+ Decides on a 137,000 Barrels per Day Adjustment Starting October

Eight OPEC+ member states announced a new decision regarding oil production as part of voluntary supply adjustments. The statement outlined the details, reasons, and follow-up mechanisms:

• Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman agreed to implement a production adjustment of 137,000 barrels per day starting October 2025 as part of the total additional voluntary cuts of 1.65 million barrels per day.
• OPEC explained that the decision is based on a stable global economic outlook and solid market fundamentals, as reflected by declining oil inventories.
• The organization stressed that these volumes can be restored gradually, partially, or fully, depending on market developments. It emphasized the importance of caution and complete flexibility to halt or reverse additional voluntary adjustments.
• The eight countries will continue to monitor the market closely and hold monthly meetings to review compliance and compensation. The next meeting is scheduled for October 5, 2025.
• The statement added that this move will help countries accelerate compensation for overproduction since January 2024, reaffirming the collective commitment to full compliance with the Declaration of Cooperation.

China’s Exports to the U.S. Drop 33% in August Despite Trade Truce

According to Chinese customs data released Monday:

1. Exports to the U.S. fell 33% in August, totaling $47.3 billion, under pressure from U.S. President Donald Trump’s tariff policies, despite an extended trade truce.
2. Imports from the U.S. declined 16% to $13.4 billion.
3. Overall, China’s total exports rose 4.4% year-on-year to $321.8 billion—the slowest growth since February and below expectations of 5% growth, compared with 7.2% in July.
4. Imports rose 1.8% to $219.5 billion, missing forecasts of 3%, amid ongoing weakness in the domestic real estate market.
5. In response to U.S. restrictions, Beijing diversified its markets: exports to the EU rose 10.4% to $46.8 billion, while European imports dipped slightly to $22.8 billion.
6. Exports to Southeast Asia and Latin America also increased.
7. Rare earth exports reached $55 million in August, up monthly but still 25.6% lower than last year’s.

Japan’s Economy Grows Faster Than Initial Estimates in Q2

Revised data showed that Japan’s economy grew faster than expected in the second quarter, marking its fifth consecutive quarter of expansion.

• Real GDP rose at an annualized rate of 2.2%, compared with an initial estimate of just 1%.
• Quarterly, growth was 0.5%.
• The upward revision was driven by higher private consumption and increased capital investment, although investment spending figures were slightly weaker than the preliminary reading.

Conclusion

The developments of September 8 highlight a global economy facing a mix of challenges and opportunities. OPEC+ decisions aim to maintain balance in the oil market, and U.S.-China trade relations continue to weigh on Chinese exports. At the same time, Japan’s stronger-than-expected growth sends a reassuring signal about the resilience of Asia’s second-largest economy.

 

The U.S. Bureau of Labor Statistics released its August employment report on Friday showing a clear slowdown in hiring momentum across the economy.

 Employers added only 22,000 jobs during the month, a figure well below the average monthly increase recorded in the first half of the year , June data was also revised lower, reinforcing the weaker picture of labor market momentum.

At the same time the unemployment rate rose to 4.3%, marking its highest level in several years nad this increase highlights mounting pressure on the economy’s ability to generate new jobs at a sustainable pace and raises questions about the durability of current growth. Meanwhile, average hourly earnings recorded only a modest uptick, with wage growth not strong enough to signal significant inflationary pressures, further complicating the Federal Reserve’s policy outlook.

The release of these figures prompted markets to raise expectations for a rate cut at the upcoming Federal Reserve meeting scheduled for September 16–17. Futures markets now suggest investors see a high probability of a quarter-point cut, with growing bets on the possibility of additional easing before the end of the year if labor market weakness continues to surface in the coming months.

Financial markets reacted swiftly to the data. Gold prices advanced toward their record highs, supported by lower bond yields and the prospect of looser monetary policy, while U.S. Treasuries saw strong demand that drove yields lower. U.S. equities ended mixed: some liquidity-sensitive sectors benefited from the prospect of easier policy, while concerns over slowing growth weighed on others.

Investor attention is now turning to upcoming economic releases, particularly inflation reports such as the Consumer Price Index and Producer Price Index, which are expected to provide further signals on the likely path of interest rates. The outcome of these reports will play a pivotal role in determining whether the Fed limits itself to a modest cut in September or embarks on a deeper easing cycle over the remainder of 2025.

 

The U.S. economy is experiencing a slowdown due to continued inflationary pressures. The Federal Reserve’s latest Beige Book report indicated little to no change in overall economic activity, placing policymakers under additional pressure as they consider the next interest rate move.

 

U.S. Economic Activity

The Beige Book, published by the Federal Reserve, revealed that economic activity in most parts of the country showed “little or no change” in recent weeks, based on surveys with regional business contacts.

According to the report released Wednesday, most of the Fed’s 12 districts reported either stable or slightly declining economic activity since the previous edition.

Respondents noted that consumer spending either fell or remained flat, as wages for many U.S. households failed to keep pace with rising prices.

The report also stated that 11 out of 12 districts saw little to no change in overall employment levels, with only one district reporting a slight decline.

 

Inflation and Price Pressures

On inflation, the report highlighted that all districts recorded varying degrees of price increases:

• 10 districts reported “moderate or slight” inflation.
• Two districts reported strong growth in input costs.

The Fed noted that tariffs significantly drove prices higher. Several participants confirmed that tariffs directly impacted input costs, forcing companies to raise product prices partly to offset these additional costs.

 

Policy Challenges Ahead

These developments underscore the Federal Reserve’s difficult balancing act: restraining inflation while maintaining labor market strength. Recent data has shown an apparent slowdown in hiring, complicating the central bank’s decision-making on the future path of interest rates.

The latest Beige Book, prepared by the Philadelphia Fed and based on information collected up to August 25, included feedback and commentary from business leaders and economic stakeholders across the 12 districts.

The Fed is scheduled to meet on September 16–17 to decide on interest rates, as investors await clearer signals on the direction of upcoming monetary policy.

 

Summary:
The Beige Book points to slowing U.S. economic activity and persistent inflation pressures. The Fed faces a tough challenge of balancing price stability and supporting the labor market.

 

Daily News Report – September 3:

Technology and the automotive industry dominate global headlines, with new U.S. measures targeting chip plants in China, OpenAI’s expansion moves, and a notable drop in Tesla sales amid fierce Chinese competition. These developments highlight an intense race involving politics, innovation, and the global market.

Washington Revokes TSMC’s License to Ship Chipmaking Equipment to Its China Plant

The United States has revoked Taiwan Semiconductor Manufacturing Company’s (TSMC) license, which allowed it to ship U.S.-made chipmaking equipment to its main factory in Nanjing, China. This move could affect the site’s manufacturing capabilities.
The company said Tuesday that it had received notification from the U.S. government that its “validated end-user” status for U.S.-made equipment would be withdrawn effective December 31, 2025. TSMC added that it assesses the situation and communicates with Washington to ensure uninterrupted operations.
This step is part of similar U.S. actions targeting China’s Samsung and SK Hynix facilities. Washington aims to close “export control loopholes” that give foreign companies a competitive edge.
Under the new rule, suppliers must apply separately for licenses to ship controlled equipment and materials, adding more uncertainty to the approval process.
TSMC’s presence in China is relatively limited compared to South Korean rivals. The Nanjing plant, operational since 2018, contributes only a small share of TSMC’s revenue and uses older technologies that date back over a decade

OpenAI Acquires Statsig, Announces Management Restructure

OpenAI, the developer of ChatGPT, announced a deal to acquire Statsig, a startup specializing in product experimentation tools, in one of the most significant acquisitions in its history.
The company stated Tuesday that the deal includes Vijaye Raji, Statsig’s founder and CEO, joining OpenAI as Chief Applied Technology Officer.
Founded in 2021, Statsig provides tools that help developers test and evaluate new product features. Its services have been used by employees at companies like OpenAI, Eventbrite, and SoundCloud. The acquisition is currently under regulatory review.
Alongside this move, OpenAI has reorganized its leadership:

• Kevin Weil, Chief Product Officer, has become Vice President of a new team called AI for Science.
• Srinivas Narayanan, VP of Engineering, has been promoted to Chief Technology Officer for Applied Business Applications.

Tesla’s Sales in China Fall in August Amid Fierce Competition with BYD

Data from the China Passenger Car Association shows that Tesla’s electric vehicle sales in China fell 4% year over year in August, following an 8.4% drop in July.
Despite the annual decline, deliveries of Tesla’s Shanghai-made Model 3 and Model Y, including exports to Europe and other markets, surged 22.6% month-over-month to 83,192 units in August.
BYD, Tesla’s top Chinese competitor, also reported a decline in domestic sales for the fourth consecutive month, even though China accounts for about 80% of its total global shipments.
Tesla faces additional challenges in Europe, where sales dropped 40.2% in July year-over-year, trailing behind BYD despite overall growth in electric car sales across the continent.
To boost Chinese sales, Tesla cut the price of the rear-wheel-drive Model 3—which has a range of 830 km—by 3.7% on Monday, less than a month after launching the model.

These developments reflect the interconnected dynamics of politics, economics, and technology:

• The U.S. is tightening controls over the semiconductor sector.
• OpenAI is taking expansion steps to solidify its position in AI.
• Tesla is grappling with intensifying competition both in China and globally.